Foster & Motley Inc. Sells 3,639 Shares of Simon Property Group, Inc. (NYSE:SPG)

Foster & Motley Inc. decreased its stake in Simon Property Group, Inc. (NYSE:SPG) by 44.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,458 shares of the real estate investment trust’s stock after selling 3,639 shares during the period. Foster & Motley Inc.’s holdings in Simon Property Group were worth $636,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the company. Northern Trust Corp lifted its stake in Simon Property Group by 1.9% in the 3rd quarter. Northern Trust Corp now owns 4,745,198 shares of the real estate investment trust’s stock valued at $512,624,000 after purchasing an additional 86,778 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Simon Property Group by 1.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,465,010 shares of the real estate investment trust’s stock valued at $374,325,000 after buying an additional 40,630 shares in the last quarter. Invesco Ltd. raised its position in shares of Simon Property Group by 3.1% in the third quarter. Invesco Ltd. now owns 2,409,189 shares of the real estate investment trust’s stock valued at $260,265,000 after buying an additional 71,751 shares in the last quarter. Principal Financial Group Inc. raised its position in shares of Simon Property Group by 1.3% in the third quarter. Principal Financial Group Inc. now owns 2,128,104 shares of the real estate investment trust’s stock valued at $229,897,000 after buying an additional 26,491 shares in the last quarter. Finally, Royal Bank of Canada raised its position in shares of Simon Property Group by 5.9% in the third quarter. Royal Bank of Canada now owns 1,887,122 shares of the real estate investment trust’s stock valued at $203,866,000 after buying an additional 105,606 shares in the last quarter. 93.01% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SPG has been the subject of a number of analyst reports. StockNews.com upgraded shares of Simon Property Group from a “hold” rating to a “buy” rating in a research report on Thursday, April 18th. Morgan Stanley lifted their price objective on shares of Simon Property Group from $143.00 to $145.00 and gave the company an “equal weight” rating in a research note on Monday, February 26th. Evercore ISI lifted their price objective on shares of Simon Property Group from $142.00 to $150.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. Finally, Truist Financial lifted their price objective on shares of Simon Property Group from $139.00 to $147.00 and gave the company a “hold” rating in a research note on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $140.22.

Simon Property Group Stock Performance

NYSE SPG opened at $143.78 on Wednesday. The firm’s fifty day moving average price is $149.30 and its two-hundred day moving average price is $136.47. The stock has a market cap of $46.86 billion, a PE ratio of 20.60, a PEG ratio of 7.47 and a beta of 1.65. Simon Property Group, Inc. has a fifty-two week low of $100.17 and a fifty-two week high of $157.82. The company has a debt-to-equity ratio of 7.54, a quick ratio of 1.77 and a current ratio of 1.77.

Simon Property Group (NYSE:SPG) last issued its quarterly earnings data on Monday, February 5th. The real estate investment trust reported $2.29 earnings per share for the quarter, missing the consensus estimate of $3.34 by ($1.05). Simon Property Group had a return on equity of 70.97% and a net margin of 42.30%. The business had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.38 billion. During the same period in the prior year, the firm earned $3.15 EPS. The business’s revenue for the quarter was up 9.1% compared to the same quarter last year. On average, equities analysts expect that Simon Property Group, Inc. will post 12.06 EPS for the current fiscal year.

Simon Property Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 8th were paid a $1.95 dividend. This is a boost from Simon Property Group’s previous quarterly dividend of $1.90. The ex-dividend date was Thursday, March 7th. This represents a $7.80 annualized dividend and a dividend yield of 5.42%. Simon Property Group’s payout ratio is currently 111.75%.

Simon Property Group declared that its board has initiated a stock repurchase plan on Thursday, February 8th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the real estate investment trust to buy up to 4.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

About Simon Property Group

Simon is a real estate investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company (Simon Property Group, NYSE: SPG). Our properties across North America, Europe and Asia provide community gathering places for millions of people every day and generate billions in annual sales.